1099 Repeal Vote Is Victory For Restaurants

The National Restaurant Association hailed the Senate's vote to repeal the 1099 reporting mandate, which was included in last year’s health care law. The requirement was overly burdensome, making nearly every business-to-business transaction reportable to the Internal Revenue Service. President Obama is expected to sign the bill into law.

The Senate passed H.R. 4, The Comprehensive 1099 Taxpayer Protection andRepayment of Exchange Subsidy Overpayments Act of 2011, sponsored by Senators Mike Johanns (R-NE) and Joe Manchin (D-WV) with a bipartisan vote of 87 to 12.

H.R. 4 repealed the expanded 1099 reporting requirement found in the“Patient Protection and Affordable Care Act,” which was overly burdensome, making nearly every business-to-business transaction reportable to the Internal Revenue Service.

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